Thursday, January 10, 2008

Verboten

Are you really a financial wizard or do you just play one on tv?

This morning on the Today Show Jim Kramer and Erin Burnett were discussing the state of the market and at one point Jim Kramer did not want to mention the word recession for he did not want to feed into the psychology of the market. Then he went on saying the best thing that the Fed could do was lower interest rates because it would jump start the housing market because people would start buying houses again. I can't believe he said that. I wish I recorded it on my DVR, but I will try and track it down.

Did this guy really work at Goldman Sachs? If he did then he was overpaid. Even if interest rates were to plummet to the center of the earth, I doubt it would help the housing market. First of all the majority of the population is tapped out and I am not talking about money I am also talking about their credit, equity, everything. Banks, mortgage lenders and any institutions that were caught in the subprime undertow are only interested in keeping their heads above water.

There is no psychology or mind games being played. This s**t is for real. Even at Real Estate Connect they are aware of the downturn.

If Kramer keeps up with this bulls**t alot of people are going to switch to the Fox Business Channel.